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05/01/2012

Pékin donne un coup d’accélérateur aux ventes à découvert

Le gouvernement central chinois prévoit de créer dès le trimestre en cours une entité, le «Centralised Securities Lending Exchange», destinée à faciliter les activités de vente à découvert et développer ainsi le marché des fonds alternatifs en Chine, selon le quotidien qui cite des sources officielles et des gérants. L’autorité de régulation des marchés devrait être le principal actionnaire de cette nouvelle entité.
05/01/2012

Les agences mises sous pression au sujet de MF Global

Le quotidien croit savoir que le président du Comité des services financiers de la Chambre des Représentants du Congrès des Etats-Unis, Randy Neugebauer, a adressé le 27 décembre un courrier au directeur général de Moody’s Raymond McDaniel et au président de Standard & Poor’s Douglas Peterson. Un courrier destiné à obtenir des informations détaillées quant à leurs procédures visant à évaluer la qualité de crédit de MF Global.
05/01/2012

Rechute attendue de l'immobilier d'entreprise

Grâce à un second semestre très dynamique, 16,1 milliards d’euros ont été investis dans l’immobilier d’entreprise français en 2011, soit un bond de 46 % par rapport à 2010. Mais le marché devrait baisser de 20 à 25 % en 2012 d’après le conseil en immobilier Cushman & Wakefield.
05/01/2012

La déconstruction financière de la zone euro a démarré

Les banques européennes achèteront-elles des titres de dettes publiques après que la BCE les a noyées sous 489 milliards d’euros de liquidités à 1% sur trois ans ? La réponse est au mieux mitigée. Il est possible qu’elles se laissent séduire par ces carry trades d’un genre nouveau; c’est le pari que fait la BCE pour justifier son refus de prêter directement aux Etats. Il est surtout possible qu’elles remboursent les dettes qui arrivent à maturité : l’opération serait des plus rentables vu l’explosion des coûts de refinancement pour les dettes seniors bancaires depuis un an (de 100 à 500 pb selon les pays), voire nécessaire pour assainir les bilans.
04/01/2012

Léger mieux pour le secteur privé dans la zone euro

L’activité du secteur privé s’est améliorée en décembre, notamment grâce à une embellie en Allemagne, même si elle reste en contraction montrent mercredi les résultats définitifs de l’enquête mensuelle Markit auprès des directeurs d’achats. L’indice PMI composite a progressé à 48,3 contre 47,0 en novembre, mais reste toujours en-deçà du seuil de 50 qui distingue la croissance de la correction.
04/01/2012

L'Allemagne émet 4 milliards d'euros de dette à 10 ans

L’Allemagne a levé 4,057 milliards d’euros mercredi lors d’une émission de dette à 10 ans, a annoncé la Bundesbank. Le rendement moyen ressort à 1,93%, contre 1,98% il y a six semaines, a précisé la banque centrale allemande. Le ratio de couverture, qui mesure l’appétit des investisseurs, a atteint 1,3, contre 1,1 précédemment. Lors de sa précédente adjudication à 10 ans, fin novembre, l’Allemagne s'était heurtée à une demande insuffisante, levant seulement 3,644 milliards d’euros à 10 ans alors qu’elle espérait obtenir six milliards.
04/01/2012

Les tensions baissent sur le financement en dollars

Le swap de change croisé euro/dollar se détend de 13 pb sur la semaine autour de 100 pb, signalant une baisse des tensions sur le financement en dollar des banques européennes. Celles-ci bénéficient en effet des injections de billet vert de la BCE. La banque centrale a alloué mercredi 6,15 milliards de dollars à 7 jours à 12 banques, alors que 34 établissements avaient emprunté 33 milliards la semaine dernière, en prévision du passage de fin d’année. La BCE a aussi injecté 25,5 milliards à 84 jours, contre 1,35 milliard arrivant à maturité.
04/01/2012

L'inflation à 2,8% sur un an en décembre dans la zone euro

L’inflation est ressortie à 2,8% sur un an en décembre, selon l’estimation publiée mercredi par Eurostat, reflétant les attentes d’une nouvelle décélération de la croissance des prix dans les premiers mois de l’année 2012.
04/01/2012

Une taxe sur les transactions financières avant fin 2012

La taxe sur les transactions financières voulue par la France et l’Allemagne sera mise en place avant fin 2012, a dit le ministre chargé des Affaires européennes, Jean Leonetti. «J’ai cru comprendre que le nouveau gouvernement italien avec lequel on a pris contact n’y était pas opposé», a-t-il ajouté. «Tous les pays européens ne sont pas opposés à cette idée, sauf la Grande-Bretagne et sauf la Suède qui a eu une mauvaise expérimentation dans ce domaine.»
04/01/2012

Deka Immobilien buys a property in Warsaw

The German asset management firm Deka Immobilien has acquired the office property Mokotowska Square (10,200 square metres) in Warsaw from the developer Yareal International for an undisclosed sum. The property will be added to the portfolio of the open-ended real estate fund WestInvest ImmoValue, which is reserved for institutional investors.
04/01/2012

PEH outsources management of Q-Europa fund to AD-vanced Dynamic AM

Since the beginning of December, the management of the European equity fund PEH Q-Europa, which has for years been provided by PEH Asset Management, has been transferred to the new asset management firm Ad-Vanced Dynamic Asset Management, based in Oberursel, near Frankfurt, and founded by Marc Sattler and Klaudius Sobczyk (see Newsmanagers of 23 September 2011). The fund has assets of EUR3.6m.The Q-Europa fund will now be managed with an “index-picking” management strategy and the Value-Modell valuation method from Ad-Vanced.
04/01/2012

Pimco flagship fund posts outflows for the first time

The flagship bond fund from Pimco, the Total Return Fund, in 2011 for the first time saw net redemptions, according to statistics from Morningstar, cited by the Financial Times. The USD240bn fund managed by Bill Gross had seen inflows every year since its launch in 1987. But 2011 was not a good year for the manager. Redemptions for the year totalled USD5bn.
04/01/2012

Qatar Holding may increase stake in Lagardère

The Qatar Holding company has announced that it may increase its stake in Lagardère, but that it is not planning to take control of the group, the French market regulator, the Autorité des marchés financiers (AMF) announced in a statement on 3 January. The investment company has recently increased its stake in the firm above the 10% threshold in Lagardère SCA, making it the largest shareholder in the firm (see Newsmanagers of 30 December 2011). In a declaration of intent sent to the AMF, Qatar Holding adds that it is “planning to hold talks with all interested actors, over possible strategic partnerships to create long-term value for shareholders in the firm,” but states that it has no specific plans in this regard at present.
04/01/2012

France has 81 UN-PRI signatories

According to the list published on the website of the United Nations Principles for Responsible Investment (UN-PRI), there are now 81 signatories to the charter in France, including nine asset owners, 60 asset managers and 12 service providers.The most recent French additions are Astorg Partners, Weinberg Capital Partners, Jasmin Capital, Cap Décisif Management and Eurazeo.Overall, the signatories now include 246 investors, 570 asset managers and 161 service providers, for a total of 977 entities, of which only 24 are in Germany, but 133 in the United States and 122 in the United Kingdom. Switzerland has 50.
04/01/2012

Three French managers rank among the 10 most popular in Citywire

Three French managers rank among the 10 managers most liked by readers of Citywire Global in the past twelve months: Nicolas Walewski (Alken), in fourth place, Edouard Carmignac (Carmignac) in fifth place, and Patrice Lemonnier (Amundi) in ninth place. The top three are, in declining order, Gregor Tachsel (Credit Suisse), Markus Brück (Metzler) and Kristoffer Stensrud (Skagen). Carmignac, a regular in these rankings, has risen one place since mid-2011, while Lemonnier, who manages four emerging market funds, has gained one place since the end of 2010. Walewski, in fourth place, has lost one place since the end of 2010. The other managers in the top ten are Jürgen Hackenberg (Union Investment) in sixth place, Nigel Bolton (BlackRock) in seventh place, Devan Kaloo (Aberdeen Asset Management) in eighth place, and Ronald Slattery (Fidelity). Four of the ten managers selected are emerging markets specialists: Lemonnier, Kaloo, Stensrud and Brück.
04/01/2012

Pictet Paris recruits Frédéric Rollin

The asset management team led by Hervé Thiard, CEO of the Paris office of Pictet and responsible for institutional clients, has gained the addition of an eighth member. Frédéric Rollin, who had most recently been chief investment officer at Novalis Taitbout, has joined the Swiss group as an investment advisor for institutional clients and fund distribution professionals.Rollin has previously worked for Robeco Gestion, HSBC Asset Management, JPMorgan AM, Cardif Gestion and BNP Gestion, where he began his career in 1990 as a bond manager.
04/01/2012

REITs may make record acquisitions in 2012

The National Association of Real Estate Investment Trusts reports that US REITs raised USD37.5bn in 2011 through initial public offerings and capital increases, 32% more than in 2010.The figure is an all-time record since the segment’s creation in 1960, the Wall Street Journal notes, adding that in the past three years REITs have attracted highly significant sums, but have primarily used the capital to restructure their balance sheets and reduce debts in order to survive the economic downturn.But now that most of the real estate firms have been recapitalised, analyst and investment bankers are predicting that the latest rounds of fundraising will be primarily dedicated to acquisitions.
04/01/2012

Employee unrest at Jefferies

Glen Dailey, who on Tuesday was appointed alongside Matthew Baldassano as co-head of the new division including prime brokerage and securities lending at Jefferies, has confirmed to the Wall Street Journal that there had been talks, “but nobody is leaving the company.”According to the newspaper, half a dozen executives in the prime brokerage arm of the firm (which has 350 clients) threatened to leave the company following its reorganisation. They were apparently convinced to stay with the promise of higher than expected bonuses, even though net profits at Jefferies in fourth quarter 2011 were down 23% compared with October-December 2010.
04/01/2012

Dyal Capital Partners becomes shareholder of French hedge fund CFM

Capital Fund Management (CFM), the largest French hedge fund, has completed a reorganisation of its shareholding structure, following the accidental death of its founder, Jean-Pierre Aguilar in 2009, Agefi reports. Following the sale of a part of Aguilar’s shares to four other shareholding directors (Jean-Philippe Bouchaud, Marc Potters, Jacques Saulière and Philippe Jordan), the remaining minority, non-controlling stake was sold in December 2011 to Dyal Capital Partners. Employees of the fund will continue to hold shares in its capital.
04/01/2012

ETF trading volumes plummet in Spain

In 2011, at a time when the total trading volume on the Spanish stock exchange fell 10.8% compared with the previous year, to EUR925.33bn, despite a 13.2% increase in the number of transactions, at 45.8 million, ETF trades have fallen by 41.4%, to nearly EUR3.5bn, according to Bolsas y Mercados Españoles (BME). Of this total, EUR305m were traded in December, 67% more than in the corresponding month of the previous year.The number of ETF trades has fallen by 31.1% for last year as a whole, to 43,461, of which 2,848 were in December (-6.6%).
04/01/2012

One Lyxor ETF is the only Spanish equity fund to show gains

Of 95 funds in the Spanish equities category monitored by VDOS in Spain, 78 outperformed the Ibex 35 in 2011, meaning that they lost less than 13%.But only one fund has finished the year with gains, Fund People reports: the Lyxor short ETF, launched in summer 2009, which gained 3.3%.
04/01/2012

RiverCrest launches a UCITS-compliant L/S European equity fund

As announced in September, RiverCrest Capital has now launched the long/short fund RiverCrest European Equity Alpha Fund on the UCITS-compliant fund platform from Morgan Stabley. The product, managed by Giles Worthington and Tim Short, formerly of M&G Investments, aims for annual returns of 12-15%, with volatility of 5-8%. In addition, the maximal monthly losses will be limited to 2.5%, and the managers will constantly aim for a positive result over a rolling three-month period.The portfolio of the Irish-registered product will include 35 to 50 long positions and 30 to 45 short positions.CharacteristicsName: RiverCrest European Equity Alpha FundISIN code: IE00B43NH790Minimal subscription: EUR100,000Management commission: 2%Performance commission: 20% with high watermark

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